The Prime Minister, Shri Narendra Modi, arrived in London on November 12th,
2015. He was accorded a guard of honour and an official welcome by the Prime
Minister of the United Kingdom, Mr. David Cameron.

The Prime Minister held delegation-level talks with the Prime Minister of the
United Kingdom. During his press statement after the talks, the Prime Minister
said that he is delighted to visit the United Kingdom.

Speaking in Hindi, the Prime Minister said: “This is a relationship of immense
importance to us. The familiarity of history, the extraordinary
people-to-people ties and our shared values give it a special character. We
also have vibrant and growing partnerships across all areas – trade and
investment, defence and security, science and education, clean energy and
health, technology and innovation, and culture. We have a broad range of shared
interests at the international level that are vital to both countries.

We have agreed to intensify our political dialogue and hold regular bilateral
summits. We have decided to turn our shared values into a partnership to
support development in other regions of the world. And, we have committed to
deepen cooperation across all areas.

The conclusion of the civil nuclear agreement is a symbol of our mutual trust
and our resolve to combat climate change. The agreement for cooperation in
India’s Global Centre for Clean Energy Partnerships will strengthen safety and
security in the global nuclear industry.

We attach great value to defence and security cooperation with UK, including
regular exercises and defence trade and collaboration. This cooperation will
grow. I am also pleased that UK will participate in the International Fleet
Review in India in February 2016. UK will also be a strong partner in India’s
defence modernization plans, including our Make in India mission in defence
sector.

Our economic partnership is quite robust and a key pillar of our partnership. I
expressed confidence that this relationship grow rapidly in the years ahead,
given the size and scale of opportunities in a rapidly expanding India and
Britain’s own formidable economic strengths. UK is already the third largest
investor in India. There is more investment from India in UK than in rest of
European Union combined. We will launch a new fast track mechanism for UK
investments in India. The revival of India-UK CEO Forum is a welcome step.

We will also increasingly raise funds in London’s financial market. I am
pleased, but also believe it is natural, that we will issue a Railways Rupee
Bond in London. This is where the journey of Indian Railways began.”

In the course of his interaction with media after the Joint Press Statement,
the Prime Minister said India cannot tolerate any incident which violates the
fundamental values of society. He said India is a vibrant democracy which is
committed to protection of individual rights under the Constitution.

In his speech at the Parliament of UK, the Prime Minister said: “the motto of
Sab Ka Saath, Sab Ka Vikas, is our vision of a nation, in which every citizen
belongs, participates and prospers.

It is not just a call for economic inclusion.

It is also a celebration of our diversity; the creed for social harmony; and, a
commitment to individual liberties and rights.

This is the timeless ethos of our culture; this is the basis of our
constitution; and, this will be the foundation of our future.”

The Prime Minister addressed the business community of the City of London, at
Guildhall.

The Prime Minister said, “UK and India have known each other very well since
several centuries. Our system of Governance is also based largely on the
Westminster model. - Our institutions know to interact with each other; - Our
people know to work with each other; - Our businesses know to grow with each
other

That is the reason that UK is among India’s major trading partners. UK is also the
third largest foreign investor in India. And I must add- this is not one sided.
India has emerged as the third largest source of FDI for UK. However, there is
significant potential for India and UK to further strengthen their economic
ties.

We have to effectively leverage the mutual understanding which is there for
each other. We are particularly keen to develop the sectors where UK is strong.
We are working hard to create conducive conditions for this engagement. A
strong Indian community here keeps pushing us for better and better integration
with UK.”

The Prime Minister paid homage at the statue of Mahatma Gandhi in Parliament
Square. The iconic London landmarks of Tower Bridge and London Eye were draped
in the colours of India – saffron, white and green. Prime Minister Cameron
hosted Prime Minister Narendra Modi for a private dinner at Chequers, his
country-house retreat.

***********

Joint Statement on
the UK-India Summit 2015 (November 12, 2015)

Prime Minister Narendra Modi and Prime Minister David Cameron met in London on
12-13 November. The two Prime Ministers celebrated the growing strength,
breadth and depth of the relations between the two countries. They emphasized
that this enduring connection between the UK and India plays a vital role in
safeguarding and promoting the security and prosperity of both peoples. India’s
economic development and rise as a global power affords opportunities to
further deepen and extend this partnership to foster economic growth and
inclusive development, update and strengthen the rules based international
system, and counter global threats.

The two Prime Ministers endorsed a "Vision Statement” setting out the
fundamental principles on which the UK-India partnership is built, and
outlining a roadmap for deepening co-operation. They resolved to hold biennial
PM-level summits to advance the partnership. They also resolved to agree on a
new Defence and International Security Partnership which will intensify
cooperation on defence and security, including cyber-security, counter-terrorism
and maritime security.

Noting that addressing climate change and promoting secure, affordable and
sustainable supplies of energy are shared strategic priorities for India and
the UK, they agreed to endorse a Joint Statement on Energy and Climate Change.
The two Prime Ministers also agreed to scale up bilateral cooperation to a
global partnership for development through a "Statement of Intent on
Partnership for Cooperation in Third Countries” which will facilitate working
together to benefit third country partners by assisting them in addressing
their development challenges in a wholly demand driven manner.

A Global Partnership

The two Prime Ministers noted that in an increasingly complex and
interconnected world, deepening the already close partnership on global issues
would be vital for safeguarding and promoting prosperity and security.

They agreed that this prosperity and security rests on an international system
of rules, widely accepted and consistently applied. The international architecture
built 70 years ago has played an invaluable role in securing the space for
transformational development. Since the world has changed, this rules-based
international system should adapt and renew itself. Prime Minister Cameron
reaffirmed the UK’s commitment to a reformed United Nations Security Council
with India as a Permanent Member, and to enhancing India’s voice in
international financial institutions. Both Prime Ministers underscored the
importance they attach to the G20. They agreed to remain engaged closely with
each other and with other G20 members to realize the full potential of the G20
as the premier forum for international economic cooperation as well as for
successful outcomes at the G20 Summits.

The UK and India share interests in stability and prosperity across Asia and
the Indian Ocean. Taking into account India’s geostrategic location and
interests in the South Asian region, the two Prime Ministers resolved to deepen
and extend existing bilateral consultation and cooperation in these areas
through the establishment of an annual senior official South Asia dialogue
covering security including terrorism, connectivity, and maritime issues.

The leaders condemned terrorism in all its forms and manifestations, and
directed their relevant officials to have close and regular consultations on UN
terrorist designations. They reiterated their call for Pakistan to bring the
perpetrators of the November 2008 terrorist attack in Mumbai to justice.

The two Prime Ministers stressed the importance of a lasting and inclusive
constitutional settlement in Nepal that will address the remaining areas of
concern and promote political stability and economic growth. They hoped the
National Reconstruction Authority begins to function as soon as possible to
facilitate post earthquake reconstruction. They also hoped that, following the
recent UN Human Rights Council Resolution, Sri Lanka will now be able to
deliver lasting peace and prosperity for all its people and underlined their
commitment to working with the Sri Lankan Government to achieve this. They
emphasised the importance of a stable and inclusive democracy in the Maldives
including an independent judiciary.

The two Prime Ministers emphasised their shared commitment and support for a
stable, secure and successful future for a sovereign, democratic and united
Afghanistan. They emphasised the importance of a sustainable and inclusive
political order in Afghanistan which ensures that the gains of the past decade
are consolidated and remain irreversible.

The two Prime Ministers stressed the need for inclusive political settlements
in Syria and Iraq and committed to further support the victims in these brutal
conflicts. They agreed to continue to hold regular annual senior officials
dialogue on West Asia/Middle East, as a priority area for both countries.

The two Prime Ministers welcomed the historic agreement on Iran’s nuclear
programme, and noted the strong commitment of the international community to
its swift and full implementation. The two Prime Ministers agreed that the only
way to de-escalate the crisis in eastern Ukraine was the full implementation of
the Minsk measures by all parties to the agreement.

The two Prime Ministers welcomed the adoption of the Post-2015 Development
Agenda ‘Transforming our World: the 2030 Agenda for Sustainable Development’
and committed to supporting its implementation. They recognized that the new
2030 Agenda along with the Sustainable Development Goals has poverty
eradication as its overarching focus.

The two Prime Ministers noted with satisfaction, the progress made at the 2015
India-UK Cyber Dialogue. They supported an open, inclusive, transparent, and
multi-stakeholder system of internet governance and welcomed the ongoing review
of the World Summit on the Information Society by the United Nations General
Assembly. They planned to work together to promote cyber security, combat cyber
crime, and advance voluntary norms of responsible state behaviour and the
application of international law in cyberspace.

They agreed to improve cooperation between their technical, law enforcement,
cyber R&D, cyber security standards & testing and capacity building
institutions. They also agreed to promote public-private partnerships to
support all aspects of cyber security. They welcomed the 2015 report of the UN
Group of Governmental Experts on international cyber security and looked
forward to seeking broader agreement on principles guiding state behaviour in
cyberspace. They also expressed the need for both India and UK to participate
and actively cooperate in these areas in the future.

The Prime Ministers reaffirmed their commitment to ensuring that the
Commonwealth remains relevant, realises its potential, and brings strong
values, development and prosperity to all its citizens.

The two Prime Ministers noted the importance of preserving the environment and
sustaining diverse ecosystems, and recognised the rise of international
criminal networks engaged in the illegal wildlife trade. They resolved to work
together to combat the illegal wildlife trade and to improve protection for
both captive and wild Asian elephants. India endorsed the London Declaration
and Kasane Statement on Illegal Wildlife Trade.

Economic Development and Finance

The two Prime Ministers welcomed the strengthening economic outlook in both the
UK and India but shared their concern that global growth is falling short of
expectations and that the risks to the global outlook have increased. They
agreed to continue working towards strong, sustainable and balanced growth, and
agreed on the importance of structural reforms and pursuing credible fiscal
policies in order to raise living standards. They hailed the strength of the
economic partnership between India and the UK: India already invests more in the
UK than in the rest of the EU combined, and the UK is the largest G20 investor
in India. They committed to further strengthening the economic relationship,
including through deepening the bilateral trade and investment relationship,
and agreed that Finance Minister Arun Jaitley and Chancellor of the Exchequer
George Osborne will drive this forward in their forthcoming Economic and
Financial Dialogue.

The UK and India remain committed to working together to substantially increase
trade and investment opportunities. The two governments underlined the
particular importance of the information technology and digital industries in
both countries, and the contribution that they make towards strengthening trade
ties between the UK and India as a key driver of growth and prosperity. Both
sides reaffirmed their commitment to work together to deepen and reinforce
bilateral trade in goods and services in this area. Acknowledging the valuable
contributions made by skilled workers to both countries’ economies, they agreed
to facilitate the temporary movement of skilled personnel in accordance with
applicable international commitments.

The two Prime Ministers agreed that the City of London should play an important
role in channelling investment into infrastructure projects in India including
in the railways sector, laying the foundation for a long-term strategic
partnership that leverages the capital and expertise of the City of London to
finance India’s continued rapid growth. In this context, they also welcomed the
announcements by HDFC, Bharti Airtel, State Bank of India and Yes Bank to raise
finance through the City of London which also opens up the opportunity for the
Indian private sector to raise capital for their investment and growth.

The two Prime Ministers welcomed a long-term strategic partnership between
India and the UK on the former’s flagship infrastructure investment initiative,
the National Infrastructure Investment Fund (NIIF), and announced the setting
up of a India-UK partnership fund under the umbrella of the NIIF. The
collaboration will help bring global investors through the City of London to
help finance Indian infrastructure in a sustainable way, further supporting
India’s rapid growth.

Prime Minister Modi and Prime Minister Cameron welcomed the ongoing
collaboration by the India-UK Financial Partnership led by key industry figures
on both sides. They look forward to considering the Partnership’s proposals for
deepening the links between the two countries’ financial services. The two
Prime Ministers welcomed the creation of a new Chevening Financial Services
course, sponsored by Standard Chartered, aimed at mid-career professionals
wanting to study in the UK. They also welcomed the initiative taken to launch
the first-ever exchange programme between the economic services of our two
countries to support economic policy making in both countries.

The two Prime Ministers agreed that India’s huge achievements in economic
growth and inclusive development are not just important for India’s own
ambitious goals and targets, but an inspiration to the world and critical to
the achievement of global targets. They recognised that both India and the UK
are thought leaders on development, and agreed to elevate the official-level
development talks to a Biennial Ministerial dialogue on Development.

The two Prime Ministers recognised the importance of infrastructure for
sustainable development and launched India’s first Low Income State
Infrastructure Equity Partnership with co-investment from the UK Department of
International Development and the State Bank of India. This aims to provide
equity partnerships for small infrastructure development in sectors like water
& sanitation, clean energy and urban infrastructure.

Prime Minister Modi noted the partnership of UK and India in efforts to improve
the Ease of Doing Business. They announced a new Ease of Doing Business
Partnership including several different strands of work which will provide
impetus to greater investments.

The two Prime Ministers welcomed the first meeting of the reconstituted
India-UK CEOs Forum. This Forum will be tasked with advising the Prime
Ministers about the trade and investment opportunities and challenges. Prime
Minister Cameron welcomed a new fast track mechanism by DIPP for UK investments
into and trade with India. The two Prime Ministers acknowledged the need for
technical cooperation between the offices of both the countries on Patents,
Trademarks and Designs.

Prime Minister Modi appreciated the advances made by UK in rail project management
and operations. The two Leaders welcomed the MoU on Technical Co-operation in
the Rail sector and acknowledged the potential business opportunities for the
rail industry. Both sides agreed to encourage their institutions to work
together, develop options for infrastructure financing, share knowledge and
expertise and to deepen research and development exchanges. Prime Minister Modi
announced the Government of India’s intention to launch the first
government-backed rupee bond in London.

The two leaders expressed their wish to promote innovation led growth in the
automotive sector in India. They identified a need to collaborate and exchange
technical knowledge in research and development, testing and administration of
testing systems for vehicles. The UK and India are willing to share expertise
in these fields to develop knowledge and experience. This will be achieved
through an MoU to be signed between appropriate departments and agencies under
the Government of India and UK.

Prime Minister Cameron and Prime Minister Modi recognised the importance of the
multilateral, rules-based trading system, and agreed to work together to help
ensure a successful outcome at the Nairobi World Trade Organization Ministerial
in December, in conformity with the development mandate of the Doha Development
Agenda.

The UK and India agree that corruption is one of the greatest enemies of
progress in our time. Both sides will work together, bilaterally and in
multilateral fora like UNCAC and G20, in order to strengthen the global
response to corruption, including through improving cooperation among law
enforcement agencies, strengthening procedures for the identification and
return of stolen assets, and increasing transparency around the true (or
"beneficial”) ownership and control of companies.

Both Prime Ministers reaffirmed their commitment to finalization of an EU-India
BTIA as soon as possible. The UK and India committed to work closely together
towards this end.

Make in India

Prime Minister Cameron welcomed Prime Minister Modi’s ‘Make in India’
initiative. Prime Minister Modi noted that this model of collaboration was
already deeply ingrained in UK investments and partnerships with India. The two
Prime Ministers welcomed the initiatives taken by both sides to deepen defence
technology and industry cooperation.

Business

Prime Ministers Cameron and Modi noted the deep and fruitful business
relationship between the UK and India and welcomed the £9.2 Billion of
commercial deals between the UK and India announced during the visit and listed
in the annex. The UK has accounted for 8.56% of total foreign direct investment
in India during the last 15 years. Indian companies employ 110,000 people in
the UK.

Prime Minister Cameron noted the opening of the Indian market to greater
foreign direct investment in the insurance sector. In order to extend insurance
cover to India’s large population, the Government has increased the FDI limit
in insurance and pension sector to 49%. As a result, the UK’s insurance
industry with joint ventures in India, have announced a number of agreements to
increase their Foreign Direct Investment in the country. These agreements would
amount to approximately £238 million of Foreign Direct Investment in the first
instance subject to regulatory approvals. This will support the ongoing
development of the Indian insurance and reinsurance sectors, which are key
elements in promoting sustainable economic growth. The two Prime Ministers
welcomed HSBC’s "Skills for life” initiative in India, a £10 million
programme to skill 75,000 disadvantaged young people and children over 5 years.

Smart Cities and Urban Renewal

The two Prime Ministers announced three UK-India city partnerships with Indore,
Pune and Amaravati to support India’s ambitious urban development goals through
technical assistance, expertise sharing and business engagement.

The two Prime Ministers welcomed the development of Technical Assistance
partnership between the UK Department of International Development and the
Indian Ministry of Urban Development for national and state-led support for the
development of smart and sustainable cities that are drivers of inclusive
growth and job creation.

The two Prime Ministers launched a new Thames/Ganga partnership for healthy
river systems. This partnership will consist of a collaborative programme of
research and innovation to enable the sustainable management of water resources
in the Ganga basin and a policy expert exchange in 2016 supported by the UK Water
Partnership.

Education, Skills, Science and Research

Prime Minister Cameron offered to support Prime Minister Modi achieve his goal
of preparing young Indians for the 21st Century. Under the new UK-India Skills
pledge, 11 UK companies have committed to support skills development in India.
Together, the UK government and UK businesses will establish new "Centres
of Excellence” in key sectors, starting with a centre for Automotive and
Advanced Engineering in Pune. The UK will also support the Indian Ministry of
Skill Development and Entrepreneurship to develop new models of skills training
and entrepreneurship with a focus on digital delivery, women, the excluded and
the disabled.

The two Prime Ministers announced that 2016 would be the UK-India year of
Education, Research and Innovation. This will highlight the strengths of the
bilateral relationship, drive further collaboration, including a range of
digital technology enabled education and training initiatives, so that both
countries create a new 21st century framework as partners in education,
research and innovation partners, in the global context.

Both Prime Ministers agreed to initiate virtual partnerships at the school
level to enable young people of either country to experience the school system
of the other country and develop an understanding of the culture, traditions
and social and family systems.

The Prime Ministers announced that UK will be the partner country for the 2016
Technology Summit in Delhi. Committed to promote further joint research
partnerships, the two Prime Ministers noted with satisfaction, the planned
academic exchange which would enable access for Indian scientists to the
Neutron Facility at the Rutherford Appleton Laboratory in Oxford University.
They welcomed the establishment of a Newton-Bhabha fund for joint research,
capacity building and translation, noting that joint investment in UK-India
research has grown from less than £1 million in 2008 to over £200 million
today. New substantial investments include multi-million-pound UK-India virtual
centres in Clean Energy, Water Security and Agricultural Nitrogen. The two
Prime Ministers also welcomed new joint research and innovation programmes on
Childhood and Maternal Health and Nutrition, Mental Health and Substance Abuse,
Urbanization and Heritage, Sustainable Water Resources for Food, Energy and
Ecosystem Services, Atmospheric Pollution and Human Health in an Indian
Megacity, Aquaculture, and the joint UK-India observational campaign on the
South Asian Monsoon.

They welcomed the announcement by Innovate UK, the Department of Science and
Technology (DST) and the Global Innovation and Technology Alliance (GITA), of
the opening of a third round of collaborative industrial R&D, making up to
£3.5 million available to support novel commercial solutions in the areas of
clean-tech energy, affordable healthcare and ICT related to clean-tech energy
and healthcare.

The two Prime Ministers recognized that climate change and its impact on
agriculture was a serious challenge confronting the world; they welcomed
establishing the joint India-UK collaboration in crop sciences which will bring
together the best UK universities – Cambridge University, National Institute of
Agricultural Botany, John Innes Centre, Rothamsted Research and University of
East Anglia to work through Biotechnology and Biological Sciences Research
Council (BBSRC), Government of UK and the Department of Biotechnology (DBT),
Government of India to address fundamental plant science underpinning yield
enhancement, disease and drought resistance and translation of research into
sustainable agriculture. They also welcomed establishing of a joint Indo-UK
Plant Science Centre in India.

The two Leaders welcomed UK’s plans to send 100 academics to India over the
next two academic years as part of the Global Initiative for Academics Network
(GIAN); and the ambition for 25,000 UK students to come to India through the
Generation UK-India programme by 2020, including 1000 UK interns with Tata
Consultancy Services in India by 2020. The two Prime Ministers also welcomed
the 3rd phase of the UK India Education and Research Initiative.

The two Prime Ministers welcomed the commitment to achieving mutual recognition
of UK and Indian qualifications.

Health The two Prime Ministers were also happy to announce the
setting up of joint India-UK Vaccine Development collaboration between the
Department of Biotechnology and Research Councils, UK. The Department of
Biotechnology would also work with Research Councils to establish a strategic
group which would explore the mechanisms to develop the evidence base which
would address anti-microbial resistance at the genomic level of the
host-pathogen interactions to accelerate the development of new drugs and
diagnostics.

The two Prime Ministers underlined their joint determination to address
antimicrobial resistance (AMR), noting that it poses a grave public health and
economic threat to both countries. Both Prime Ministers recognised that a
global response is required and supported a high level meeting on antimicrobial
resistance at the 2016 UN General Assembly. India and the UK will also
contribute their scientific expertise to a global summit to be held in London
in 2016 as part of the AMR initiative of the Department of Biotechnology, Government
of India and the Research Councils, Government of UK.

The two Prime Ministers welcomed the cooperation in the health sector between
the two countries and the on-going Memorandum of Understanding covering areas
including Medical Education and Training, Universal Health Coverage,
containment of Anti-Microbial Resistance (AMR), improving patient safety
through quality, safe and efficacious drugs and the collaboration between NICE
International, UK and the Department of Health Research in India on medical
technology assessment.

The two Prime Ministers emphasised the potential increased investment and
co-operation in health and related sectors. Prime Minister Cameron welcomed the
decision of the Indian Government to set up a taskforce under the stewardship
of the Department of Health and Family Welfare to facilitate such investment.
The two Prime Ministers welcomed the agreement signed between King’s College
Hospital NHS Foundation Trust and Indo UK Healthcare Pvt Ltd to open King’s
College Hospital, Chandigarh.

The two Prime Ministers noted the finalisation of a Memorandum of Understanding
between Ministry of AYUSH, Government of India and a leading UK institute for
Integrated Medicine to strengthen and develop cooperation in the field of
research and education in this area.

Culture

The two Prime Ministers announced that a UK-India Year of Culture will be
organised in 2017 to celebrate our deep cultural ties and the 70th anniversary
of Indian Independence. The two Prime Ministers committed support to the
digitization of the shared archival collections housed in the British Library
and the National Archives of India.

Both Prime Ministers welcomed the posthumous reinstatement of Shyamji Krishna
Varma to the bar, noting his key role in the Indian independence movement and
the inspiration he has provided to subsequent generations.

The two Prime Ministers welcomed the intention of the Indian Ministry of
Tourism and the UK Department for Culture, Media and Sport to sign a Memorandum
of Understanding on Tourism to promote safe and sustainable tourism between the
two countries.

Crime

Prime Minister Cameron and Prime Minister Modi noted that in an increasingly
complex and interconnected world, enhancing cooperation to target criminals
across borders will be critical for guaranteeing the security and safety of
both nations. They agreed to work together to disrupt the flow of New
Psychoactive Substances that harm both countries and to open the door for
further negotiations on criminal record exchange to ensure greater
collaboration between law enforcement agencies in both India and the UK.

Prime Minister Cameron and Prime Minister Modi reiterated their determination
to enhance cooperation in the area of Mutual Legal Assistance in Criminal
Matters, particularly where it is related to terrorism cases.

The two Prime Ministers reaffirmed the importance of co-operation to tackle the
trafficking of stolen artefacts/antiquities.

Conclusion

Prime Minister Modi thanked Prime Minister Cameron for the warm hospitality
extended to him and his delegation and invited Prime Minister Cameron to visit
India in 2016. The two leaders affirmed their vision of a forward-looking
partnership between the UK and India that would play an indispensable role in
creating economic growth, jobs and security for the people of both countries.
They reaffirmed their commitment to working together to build such an enhanced
and transformative partnership for the betterment of their two countries and
the world.

********************

Text of PM’s
address at the Indo-UK Business Meeting at Guildhall, London

Your Excellency Mr. David Cameron!

Hon. Mr. Alan Yarrow, the Lord Mayor of London!

Ladies and Gentlemen!

It is a great pleasure for me to be with you this evening. I must confess that
there has been a delay in my coming to this great country. But, the good news
is that myself and His Excellency Cameron have been in constant touch.

We have been meeting frequently at various places and exchanging views. I
remember our last meeting in New York where he rightly said that India and UK
should work closely on the economic front.

Friends!

UK and India have known each other very well since several centuries. Our system
of Governance is also based largely on the Westminster model.

• Our institutions know to interact with each other;
• Our people know to work with each other;
• Our businesses know to grow with each other

That is the reason that UK is among India’s major trading partners. UK is also
the third largest foreign investor in India. And I must add- this is not one
sided. India has emerged as the third largest source of FDI for UK. However,
there is significant potential for India and UK to further strengthen their
economic ties.

We have to effectively leverage the mutual understanding which is there for
each other. We are particularly keen to develop the sectors where UK is strong.
We are working hard to create conducive conditions for this engagement. A
strong Indian community here keeps pushing us for better and better integration
with UK.

Friends! Since my Government took over, we have been working relentlessly to
put the economy on track. Particularly, we have worked very aggressively to
make India an easy and simple place to do business. We believe that this is
necessary for improving the lives of ordinary citizens in India.

The results of our hard work are now visible. IMF Chief has recently said that
India is among few bright spots in global economy today. Our growth rate in the
last year was 7.3%.

The World Bank has very recently projected our growth rate at 7.5% for this
fiscal and even better in the coming years. Thus, we are fortunate to be
sailing in the right direction. In the World Bank Report of 2016 on ease of
doing business, India has moved up by 12 ranks at one go. No other country has
made such a big improvement.

We are also committed to take these corrections at the State, district and city
level. States are moving hand-in-hand with the federal government in this task
in the spirit of cooperative and competitive federalism.

Recently, we did a ranking of our state governments on ease of doing business
with the help of the World Bank Group. This has prompted the state governments
into a healthy competition among themselves to ensure a business friendly
eco-system.

This was for the first time that the World Bank involved itself in a
sub-national exercise on ease of doing business.

Friends!

One of the biggest challenges in India today is to productively employ the
youth. For meeting this challenge, we need to provide a huge push to
manufacturing which has stagnated at around 16% of the GDP for several decades.
This share must reach around 25% in the short and medium term. With this in
view, we have launched the “Make in India” initiative. We are
working on all fronts to make India a global manufacturing hub.

To achieve this objective, apart from vigorous exercise for ease of doing business,
we have fast tracked approvals and clearances for industry and infrastructure.
The hall mark of our strategy now is Policy driven Governance.
Measures like transparent auction and allocation of key natural resources like
coal, spectrum, iron ore have created a level playing field for investors.

To enhance the flow of foreign investments, we have liberalized the FDI regime
allowing 100% FDI in railways. We enhanced the FDI limits to 49% in Defence and
Insurance. We are also conscious of the last mile operational issues in such
policies. In that spirit, early this week, we have carried out substantial
changes in the FDI regime across 15 sectors.

To give an example: now there are just no restrictions in the FDI Policy for
construction sector. Similarly, very radical liberalization has been done in
sectors like plantation, e-commerce and single brand retail. Moreover, we have
now brought most of the FDI proposals under the automatic route.

With this round of reforms, I can say that India is among the most open
countries for Foreign Investments.

Infrastructure is another big challenge for India. We are keen to build
futuristic physical and social infrastructure. Through self-imposed discipline
in financial management, we have been able to allocate more resources for
infrastructure sectors. In addition, we are setting up an India
Investment and Infrastructure Fund. We have targeted an annual contribution
of 3.5 billion US Dollars into this fund from our own resources. We are putting
in place a professional team for asset management.

We have also come up with the mechanism of Tax Free Infrastructure
Bonds for projects in rail, road and other sectors. We will work
together with the British Government, Industry and the financial markets to
deepen our relationship and harness their interest in India’s infrastructure.
Very soon, these bonds will become strong instruments for engagement between
our financial markets.

Friends!

There were a number of regulatory and taxation issues which were adversely
impacting on the sentiments of foreign investors. We have taken very decisive
steps to remove a number of long pending concerns.

To give you some examples:

• We have expedited regulatory clearances including security and environmental
clearance;

• We have increased the validity period of defence industrial licences up to
eighteen years from three years previously;

• We have taken almost 60% of the defence items out of the licensing process
and liberalised a number of restrictions like end-use certificate for the
exports

• We have clearly articulated that we will not resort to retrospective taxation
and demonstrated this position in a number of ways

• This includes not going for imposition of Minimum Alternate Tax on FPIs;

• We have introduced the concept of composite sector caps for the FPIs and
other foreign investors.

• We have notified the regulations for the Alternative Investment Funds;

• India has been recently ranked as the most attractive investment destinations
by Ernst & Young• In a ranking of the top greenfield investment
destinations in the first half of 2015, India is at number one.

• Foreign Policy magazine of USA has ranked India as number one FDI
destination.

• In a study of 100 countries on Growth, Innovation and Leadership, India has
been ranked No.1 by Frost & Sullivan.

• India has improved its UNCTAD ranking of investment attractiveness from 15th
to 9th.

• India has also jumped 16 places on the World Economic Forum’s global
competitive index.

• MOODY’s have upgraded the rating of India as positive.

Thus, just in eighteen months, we have successfully restored the credibility of
India in the eyes of global players. Through PPP, we are encouraging private
investments in areas where earlier only government used to invest. We are also
divesting our stake in the public sector enterprises, to instill market
discipline. We are keen to learn from your experience in structuring and
implementing PPP projects.

I am personally convinced and want to assure you that India is committed to
protect Intellectual Property Rights of all innovators and entrepreneurs. We
have taken several initiatives for transparency and online processing in IP
administration. A comprehensive National IPR policy is being finalized.

Friends!

We want your active involvement in translating our dreams into reality. Our
commitment and aggressiveness to achieve the goal in a faster and effective manner
offers immense opportunities to British Companies. These opportunities range
from building 50 million houses to setting up 100 smart cities; modernization
of railway network and re-development of stations to new railway corridors;
generation of 175 GW of renewable energy to transmission and distribution
networks, from National Highways and bridges, to Metro rail networks. Such a
huge potential for creation of infrastructure and production of goods will not
be available in any other country. More importantly, no one place on the earth
can offer the potential for usage and consumption on such a massive scale.

We are trying to harness this potential through our policies and people. The
campaigns like Digital India and Skill India are
designed to prepare the people to take part in this process. To tap their
energy fully, we have also launched the Start up India Campaign.
We have witnessed massive growth in the number of start-ups in the recent past.
Some of these have already begun to challenge established global players.

Friends!

India is on the threshold of a big IT revolution. We are encouraging it to
fast-track the services to our 1.25 billion people. New Technology and
renewable energy is our new Mantra. Whatever we do, we will do in a
cleaner and greener way. Energy efficiency, water recycling, waste to energy,
clean India and river cleaning are among those initiatives. These initiatives
provide additional avenues for investment in modern technology and human
resources.

Ours is a country of the vibrant youth and a rising middle class. There is a
huge domestic market in India. I have been saying that thethree Ds of
Democracy, Demography and Demand is our basic strength. Moreover,
talented young minds in India have now begun taking risks. They are preferring
to become Entrepreneurs. Thus, we have moved forward from D to E which
is Entrepreneurship.

Friends!

Necessary conditions for take-off of the Indian economy have been created.
Never before, India was so well prepared to absorb talent, technology and
investment from outside. I can assure you that it will get better and better in
the coming days. We will be open to welcome your ideas, innovations and
enterprises. We are open to carry out necessary corrections in our policies and
procedures. Given the visionary and dynamic leadership of Prime Minister
Cameron and his interest in India, I am personally eager to work with the
British Government and companies.

With these words, I welcome you to India. I assure you of my personal care in
making your dreams a reality. Many of you belong to India; Many of you are in
India already. But for those who are not there, I must say that:

• At this point of time, it is wiser to be in India;

• Further, we are making it easier to invest in India

And

• Believe me, we are making it even better to ‘Make in India’.

Thank you. Thank you very much.

***************

Text of PM’s
address to the British Parliament

Lord Speaker,
Mr. Speaker,
Mr. Prime Minister

I am delighted to be in London. Even in this globalised world, London is still
the standard for our times. The city has embraced the world’s diversity and
represents the finest in human achievements. And, I am truly honoured to speak
in the British Parliament.

Mr. Speaker, thank you for opening the doors to us, here in this magnificent
setting of the Royal Court. I know that the Parliament is not in Session. Prime
Minister Cameron looks relaxed and relieved.

But, I want to remind you, Mr. Prime Minister, that you owe me royalty for an
election slogan. I know that you are hosting me at the Chequers this evening.
But, I also know that you will understand if I am fair to both sides of the
floor. Especially since British MPs of Indian Origin are evenly balanced
between the Treasury and the Opposition benches. So, I also extend my good
wishes to the Labour. Indeed, since these are still early days after the
election, my warm congratulations to the Members of the House. And, greetings
to the eminent leaders of Britain and great friends of India present here
today.

So much of the modern history of India is linked to this building. So much
history looms across our relationship. There are others who have spoken
forcefully on the debts and dues of history. I will only say that many freedom
fighters of India found their calling in the institutions of Britain. And, many
makers of modern India, including several of my distinguished predecessors,
from Jawaharlal Nehru to Dr. Manmohan Singh, passed through their doors.

There are many things on which it is hard to tell anymore if they are British
or Indian: The Jaguar or the Scotland Yard, for example. The Brooke Bond tea or
my friend late Lord Ghulam Nun’s curry. And, our strongest debates are whether
the Lord’s pitch swings unfairly or the wicket at Eden Gardens cracks too
early. And, we love the Bhangra rap from London just as you like the English
novel from India.

On the way to this event, Prime Minister Cameron and I paid homage to Mahatma
Gandhi outside the Parliament. I was reminded of a question I was asked on a
tour abroad. How is it that the statue of Gandhi stands outside the British
Parliament? To that question, my answer is: The British are wise enough to
recognise his greatness; Indians are generous enough to share him; we are both
fortunate enough to have been touched by his life and mission; and, we are both
smart enough to use the strengths of our connected histories to power the
future of our relationship.

So, I stand here today, not as a visiting Head of Government, given the honour
to speak in this temple of democracy. I am here as a representative of a fellow
institution and a shared tradition.

And, tomorrow, Prime Minister and I will be at the Wembley. Even in India,
every young footballer wants to bend it like Beckham. Wembley will be a
celebration of one-half-million threads of life that bind us; one and half
million people - proud of their heritage in India; proud of their home in
Britain.

It will be an expression of joy for all that we share: values, institutions,
political system, sports, culture and art. And, it will be a recognition of our
vibrant partnerships and a shared future.

The United Kingdom is the third largest investor in India behind Singapore and
Mauritius. India is the third largest source of Foreign Direct Investment
projects in the United Kingdom. Indians invest more in Britain than in the rest
of European Union combined. It is not because they want to save on
interpretation costs, but because they find an environment that is welcoming
and familiar.

It takes an Indian icon, Tata, to run a British icon and become your nation’s
largest private sector employer.

The UK remains a preferred destination for Indian students. And, I am pleased
that an Indian company is taking a thousand British students to India to skill
them in Information Technology.

We are working together in the most advanced areas of science and technology.
We are finding solutions to the enduring human problems of food and health
security, and seeking answers to emerging challenges like climate change.

Our security agencies work together so that our children return home safe and
our increasingly networked lives are not prey to the threats on cyber space.

Our Armed Forces exercise with each other, so that they can stand more strongly
for the values we represent. This year alone, we have had three exercises
together.

And, in the international arena, your support has made it more possible for
India to take her rightful place in global institutions and regimes. And, it
has helped us both advance our common interests.

Mr. Speaker,

Strong as our partnership is, for a relationship such as ours, we must set
higher ambitions. We are two democracies; two strong economies; and, two
innovative societies.

We have the comfort of familiarity and the experience of a long partnership.
Britain’s resurgence is impressive. Its influence on the future of the global
economy remains strong.

And, Mr. Speaker, India is new bright spot of hope and opportunity for the world.
It is not just the universal judgment of international institutions. It is not
just the logic of numbers: a nation of 1.25 billion people with 800 million
under the age of 35 years.

This optimism comes from the energy and enterprise of our youth; eager for
change and confident of achieving it. It is the result of bold and sustained
measures to reform our laws, policies, institutions and processes.

We are igniting the engines of our manufacturing sector; making our farms more
productive and more resilient; making our services more innovative and
efficient; moving with urgency on building global skills for our youth;
creating a revolution in Startup enterprises; and, building the next generation
infrastructure that will have a light footprint on the Earth.

Our momentum comes not just from the growth we pursue, but from the
transformation that we seek in the quality of life for every citizen.

Much of India that we dream of still lies ahead of us: housing, power, water
and sanitation for all; bank accounts and insurance for every citizen;
connected and prosperous villages; and, smart and sustainable cities. These are
goals with a definite date, not just a mirage of hope.

And, inspired by Gandhiji, the change has begun with us – the way the
government works. There is transparency and accountability in governance. There
is boldness and speed in decisions.

Federalism is no longer the fault line of Centre-State relations, but the
definition of a new partnership of Team India. Citizens now have the ease of
trust, not the burden of proof and process. Businesses find an environment that
is open and easy to work in.

In a nation connected by cell phones, Digital India is transforming the
interface between Government and people.

So, Mr. Speaker, with apologies to poet T.S. Eliot, we won’t let the shadow
fall between the idea and reality.

If you visit India, you will experience the wind of change.

It is reflected in the surge of investments from around the world; in enhanced
stability of our economy; in 190 million new bank accounts of hope and
inclusion; in the increase in our growth to nearly 7.5% per year; and, in the
sharp rise in our ranking on Ease of Doing Business.

And, the motto of Sab Ka Saath, Sab Ka Vikas, is our vision of a nation, in
which every citizen belongs, participates and prospers.

It is not just a call for economic inclusion. It is also a celebration of our
diversity; the creed for social harmony; and, a commitment to individual
liberties and rights.

This is the timeless ethos of our culture; this is the basis of our
constitution; and, this will be the foundation of our future.

Mr. Speaker,
Members and Friends,

The progress of India is the destiny of one-sixth of humanity. And, it will
also mean a world more confident of its prosperity; and, more secure about its
future.

It is also natural and inevitable that our economic relations will grow by
leaps and bounds. We will form unbeatable partnerships, if we combine our
unique strengths and the size and scale of opportunities in India.

We will see more investment and trade. We will open new doors in the Services
sector. We will collaborate more – here and in India - in defence equipment and
technology. We will work together on renewable and nuclear energy.

We will explore the mysteries of science and harness the power of technology
and innovation. We will realise the opportunities of the digital world. Our
youth will learn more from - and with - each other.

But, a relationship as rich as this, with so much promise as ours, cannot be
measured only in terms of our mutual prosperity.

Mr. Speaker,

Ours is an age of multiple transitions in the world. We are yet to fully
comprehend the future unfolding before us. As in the previous ages, it will be
different from the world we know.

So, in the uncharted waters of our uncertain times, we must together help steer
a steady course for this world in the direction that mirrors the ideals we
share.

For, in that lies not just the success of our two nations, but also the promise
of the world that we desire. We have the strength of our partnership and the
membership of the United Nations, the Commonwealth and the G-20.

We live in a world where instability in a distant region quickly reaches our
doorsteps. We see this in the challenges of radicalization and refugees.

The fault lines are shifting from the boundaries of nations into the web of our
societies and the streets of our cities. And, terrorism and extremism are a
global force that are larger than their changing names, groups, territories and
targets.

The world must speak in one voice and act in unison to combat this challenge of
our times. We must adopt a Comprehensive Convention on International Terrorism
in the UN without delay. There should be no distinction between terrorist
groups or discrimination between nations. There should be a resolve to isolate
those who harbour terrorists and willingness to stand with nations that will
fight them honestly. And, we need a social movement against extremism in
countries where it is most prevalent and, every effort to delink religion and
terrorism.

Oceans remain vital for our prosperity. Now, we have to also secure our cyber
and outer space. Our interests are aligned across many regions. We have a
shared interest in stable, prosperous and integrated South Asia, drawn together
in a shared march to prosperity.

We want an Afghanistan that is shaped by the dreams of the great Afghan people,
not by irrational fears and overreaching ambitions of others.

A peaceful, stable Indian Ocean Region is vital for global commerce and
prosperity. And, the future of Asia Pacific region will have profound impact on
all of us. We both have huge stakes in West Asia and the Gulf.

And, in Africa, where, amidst many challenges, we see so many promising signs
of courage, wisdom, leadership and enterprise. India has just held an Africa
Summit, in which all 55 countries, and 42 leaders participated.

We must also cooperate to launch a low carbon age for a sustainable future for
our planet. This is a global responsibility that we must assume in Paris later
this month.

The world has crafted a beautiful balance of collective action – common but
differentiated responsibility and respective capabilities.

Those who have the means and the know-how must help meet the universal
aspiration of humanity for clean energy and a healthy environment. And, when we
speak of restraint, we must not only think of curbing fossil fuels, but also
moderating our lifestyles.

We must all do our part. For India, a target of 175 GW of additional capacity
in renewable energy by 2022 and reduction in emission intensity of 33-35 % by
2030 are just two of the steps of a comprehensive strategy.

I have also proposed to launch during the COP 21 meeting an International Solar
Alliance to make solar energy an integral part of our lives, even in the most
unconnected villages.

In Britain, you are more likely to use an umbrella against rain than the sun.
But, my team defined the membership of the Solar Alliance in more precise
terms: you have to be located within the Tropics.

And, we are pleased that the United Kingdom qualifies! So, we look forward to
an innovative Britain as a valuable partner in this endeavour. Prime Minister
Cameron and I are, indeed, very pleased that cooperation on affordable and
accessible clean energy is an important pillar of our relations.

Mr. Speaker,

This is a huge moment for our two great nations. So, we must seize our
opportunities, remove the obstacles to cooperation, instill full confidence in
our relations and remain sensitive to each other’s interests.

In doing so, we will transform our strategic partnership, and we will make this
relationship count as one of the leading global partnerships. Ever so often, in
the call of Britain’s most famous Bard that we must seize the tide in the
affairs of men, the world has sought the inspiration to act. And, so must we.

But, in defining the purpose of our partnership, we must turn to a great son of
India, whose house in London I shall dedicate to the cause of social justice on
Saturday. Dr. B. R. Ambedkar, whose 125th birth anniversary we are celebrating
now, was not just an architect of India’s Constitution and our parliamentary
democracy. He also stood for the upliftment of the weak, the oppressed and the
excluded. And, he lifted us all to a higher cause in the service of humanity;
to build a future of justice, equality, opportunity and dignity for all humans;
and, peace among people.

That is the cause to which India and the United Kingdom have dedicated
themselves today.